NEW YORK (TheStreet) -- Stocks continued to slide Wednesday as momentum on the daily charts for the major equity averages begin to roll over. Among the seven stocks I profiled pre-earnings on Aug. 5 in AOL, Time Warner, Disney and First Solar Earnings Preview, four beat EPS estimates, one matched and both energy-related companies missed.
The Dow Industrial Average stayed above its weekly value level at 15,374 as did the S&P 500 vs. its weekly level at 1676.8. The Nasdaq closed below its monthly pivot at 3663. The Dow transportation average closed below its weekly value level at 6475, while the Russell 2000 stayed below its weekly level at 1053.08.
Fundamentally the ValuEngine valuation warning continues with 75.5% of all stocks overvalued with 42.2% overvalued by 20% or more. 15 of 16 sectors are overvalued, 14 by double-digit percentages including eight overvalued by more than 20%.
Scorecard from stocks that reported earnings results Tuesday afterhours and Wednesday premarket:AOL (AOL) ($36.69) beat EPS estimates by 6 cents earning 39 cents a share. The stock closed at $36.18 on Tuesday and opened higher on Wednesday trading to a day's high at $38.40 then dipped to $36.63 staying above its 50-day and 200-day SMAs at $36.30 and $35.56. My monthly value level is $33.39 with quarterly and weekly pivots at $35.79 and $37.48. Disney (DIS) ($65.91) matched estimates earning $1.03 a share. The stock closed at $67.05 on Tuesday and traded down to $64.12 on Wednesday vs. its 50-day SMA at $64.45. My quarterly value level is $59.87 with weekly and semiannual pivots at $64.85 and $66.09 with a monthly risky level at $68.88. Marathon Oil (MRO) ($35.13) missed estimates by 4 cents earning 67 cents a share. The stock closed at $36.88 on Tuesday and gapped below its 50-day SMA at $35.66 on Wednesday staying above its 200-day SMA at $33.31. Marathon is trading below my monthly pivot at $37.12. (NUAN) ($19.10) beat estimates by 2 cents earning 22 cents a share. The stock closed at $19.33 on Tuesday and gapped below its 50-day SMA at $18.86 on Wednesday trading down to $17.90. My monthly and weekly pivots are $17.52 and at $18.71 with my annual risky level at $22.02.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV